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UBA wins ‘African Bank of the Year’ award in eight countries

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United Bank for Africa (UBA) has been named the ‘African Bank of the Year’ at the 2023 Bankers Awards organised by The Banker Magazine — a publication of the Financial Times of London.

UBA Group won nine awards at the event, according to a statement on Sunday.

Dominating the African continent, UBA not only clinched the title of African Bank of the Year at the event, but also propelled its subsidiaries to victory in eight additional African nations.

The bank’s subsidiaries in Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Congo, Sierra Leone, and Tanzania all emerged as the Bank of the Year in their respective countries.

According to the statement, it would be the second time in the past three years that the bank has won the regional award as the best bank in Africa, after winning the title in 2021.

Oliver Alawuba, UBA’s group managing director, said the recognitions come as a reassurance that the bank is on track in its goal of consolidating its leadership position in Africa, and creating superior value for its stakeholders.

“UBA is honoured to be named the Bank of the Year in these eight countries and to receive the overall Award for Africa,” he said.

“This accomplishment is a testament to the hard work, dedication, and innovative spirit of the entire UBA team.

“We remain committed to delivering top-notch banking services that positively impact the lives of our customers across the continent.

“We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning and receiving these accolades.”

Joy Macknight, editor of the Banker Magazine, said UBA remains a clear winner across a wide range of criteria, having performed impressively across its footprint with a strong financial performance across most of its markets.

“In a year of strong competition among the continent’s major banking groups, UBA has gained the edge on its rivals to win the Bank of the Year award for Africa for the 2nd time in three years,” she said.

“The award recognises the bank’s strength across Africa, including many of its most competitive markets.”

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FG invites heads of AEDC, IBEDC over poor power supply

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The federal government has invited heads of Abuja Electricity Distribution Company (AEDC) and Ibadan Electricity Distribution Company (IBEDC) over poor power supply in their service areas.

Adebayo Adelabu, minister of power, also invited Sule Abdulazeez, managing director of the Transmission Company of Nigeria (TCN), for the same reason.

Since the turn of the year, electricity supply to the nation’s capital and across the country has gone from bad to worse, with distribution companies citing gas constraints to generating companies (GenCos) as reason for the prolonged, agonising blackout.

In a statement, Bolaji Tunji, special adviser on strategic communications and media relations to the minister, said power supply should have improved because of the pressure mounted on GenCos to increase their output.

“These two DisCos have been summoned due to the worsening power supply situation in their regions despite improved supply from TCN,” Tunji said.

“So, we expect power supply to have improved across the country, unlike what we are experiencing in some regions presently.

“Findings revealed that some distribution companies were deliberately not taking up power supply from TCN, while some power lines were also damaged by vandals in Abuja, Benin, Port Harcourt and Ibadan regions.”

The aide said the minister has threatened non-performing DisCos nationwide with “outright licence revocation”.

Tunji said the minister also directed TCN to commence repair work on the damaged transmission lines.

The aide added that despite the shortage of gas, power generation has been ramped up to over 4000MW in recent days.

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Ghana’s electricity company cuts power supply to parliament over $1.8m debt

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The Electricity Company of Ghana (ECG) on Thursday disconnected the power supply to the country’s parliament over a debt of 23 million Ghanaian cedi, approximately $1.8 million.

The power outage disrupted the parliament’s deliberation on the state of the nation speech delivered by Ghanaian President Nana Akufo-Addo.

The blackout occurred when Abena Osei-Asare, the outgoing deputy minister for finance, was defending the president’s speech.

Videos showing the dark scene of the parliament in which some lawmakers were shouting “dumsor”, a Ghanaian word for “power outage”, have appeared on social media.

During the incident, some lawmakers and staff were stuck inside elevators.

ECG had earlier warned that it would disconnect the electricity supply to the parliament over the GH¢23 million debt.

Over the past few weeks, residents have been complaining about erratic power supply in the Gold Coast country.

Speaking about the incident, John Jinapor, a lawmaker and minority spokesperson on mines and energy, complained over the persistent load shedding being carried out by power companies.

The lawmaker attributed the power outages to the inability of the government to purchase fuel for the country’s thermal plants.

“Indeed, the load-shedding is getting worse by the day. The very day His Excellency the President was delivering the state of the nation address and boasting, up that very period, the utility companies were shedding the load,” the lawmaker said.

Later in the day, the power company restored the electricity supply to the parliament after a part of the debt was settled.

In Nigeria, the management of the Abuja Electricity Distribution Company (AEDC) recently issued a 10-day notice to 86 government ministries, departments, and agencies (MDAs) to pay up the N47.1 billion electricity debt they owe or risk disconnection.

The presidential villa was listed among the debtors.

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CBN revokes licences of 4,173 BDCs

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The Central Bank of Nigeria (CBN) has revoked the licences of 4,173 bureau de change (BDC) operators for failing to observe regulatory provisions.

In a statement signed by Sidi Ali, CBN’s acting director, corporate communications, on Friday, the apex bank said the BDCs failed to observe at least one of its regulatory provisions, such as payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

“The Central Bank of Nigeria (CBN), in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators,” CBN said.

Other provisions not adhered to are rendition of returns, compliance with guidelines, directives and circulars of the CBN, especially anti-money laundering (AML), countering the financing of terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

The apex bank said it is revising the regulatory and supervisory guidelines for BDC operations in Nigeria.

“Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective,” CBN said.

The financial regulator advised the public to take note.

Some of the affected BDCs are;

Mountaintop BDC LTD
Movement BDC
Pointless FOREX BDC LTD
Protected BDC LTD
Reading BDC LTD
Roundtable BDC LTD
Shares OF Time BDC LTD
Stop Over BDC LTD
Surging BDC LTD
Valid BDC LTD
Unical BDC LTD
Turnover BDC LTD
Couple BDC LTD
Happy Ends BDC LTD
Village WAY BDC LTD
Welcome BDC LTD
Oyinbo BDC LTD
Oyoyo BDC LTD
Lamshade BDC LTD
Internal Curry BDC LTD
Give And Collect BDC LTD
Give and Take BDC LTD


The full list of the affected BDCs can be found here.

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